Executive Summary
Assessment and Recommendations
Chapter 1. Key Challenges
-Short-Term Economic Adjustment
-Sustaining Robust Long-Term Growth
-Policies to Underpin Growth
-Setting Policies to Underpin Stability and Sustainability
Chapter 2. The Housing Market Cycle has Turned
-The Housing Market Slowdown
-The Sharp Fall in Residential Construction
-The Macroeconomic Impact of the Housing Market Cycle
-More Efficient Policies towards Housing
Chapter 3. Financial Stability: Banking on Prudence
-Containing Risks to the Financial System
-Policy Issues and Responses
-Conclusion
Chapter 4. Adapting Government Spending to Lower Revenue Growth
-Tax Revenues are Less Robust
-Government Spending is Likely to Slow
-Fiscal Performance has Remained Sound but is Weakening
-Additional Resources Should be Used Effectively
-Improving Public Sector Management
-Public-Private Partnerships
-Conclusion: Fiscal policy Must Adapt to a More Challenging Environment
Chapter 5. Setting the Pension System on The Right Track
-The Basic State Pension is the Foundation of the System
-Public Sector Pensions Will Become Increasingly Costly
-Private Pension Saving Needs to Increase
-Options for Pension Reform
Chapter 6. Integrating Migrants: Learning from OECD Experience
-Migration Trends
-The Policy Approach and Recent Reforms
-The Economic Impacts of Migration
-Policy Challenges
-Annex 6.A1. Do fast-Growing Economies Attract More Migrants?
Glossary